Bank of Elmwood, Racine, Wisconsin, was closed October 23, 2009 by the Wisconsin Department of Financial Institutions, which appointed the FDIC as receiver. Tri City National Bank, Oak Creek, Wisconsin will assume all of the deposits of Bank of Elmwood.

Bank of Elmwood had total assets of $327.4 million and total deposits of approximately $273.2 million, and five branches. Tri City National Bank did not pay the FDIC a premium for the deposits of Bank of Elmwood. In addition to assuming all of the deposits of the failed bank, Tri City National Bank agreed to purchase essentially all of the assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $101.1 million.

Bank of Elmwood is the 104th FDIC-insured bank failure in the Nation this year, and the first in Wisconsin.

Cert # 18321

Sinclair Noe

Bank-o-meter.com

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